What is the term for when a buyer takes actual possession of goods offered for sale?

The term that refers to when a buyer takes actual possession of goods offered for sale is acceptance. In the context of contract law and sales transactions, acceptance occurs when the buyer demonstrates their agreement to the terms of the sale through their actions—specifically, by taking possession of the goods. This act signifies that the buyer acknowledges the terms of the offer made by the seller and agrees to purchase the items.

Acceptance is a crucial step in the formation of a binding contract. It not only indicates the buyer’s approval of the offer but also completes the agreement by establishing the mutual consent of both parties involved in the transaction. In contrast, the concepts of offer, rejection, and consideration are related to different aspects of contract law: an offer is a proposal made by one party, rejection is the refusal of an offer, and consideration refers to something of value exchanged between the parties which is essential for a contract to be enforceable.